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An Australian-based drone company has listed on the ASX today following an initial public offering (IPO) of $8 million.
Boresight commenced trading on Wednesday, with the aerial target drone company listing at a $0.20 price and a pre-raise market cap of just under $34 million. The Canberra-based company focuses on designing and manufacturing drones that can be deliberately shot down for counter-UAS training.
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Thus far, over 6,000 drones have been sold to 15 militaries across 12 countries, as well as to private companies.
“Boresight is proof that Australia can build a world-class offering,” said chief executive and managing director, Justin Olde.
“Our aerial target drones and the proprietary control system supporting them enable safe, repeatable and cost-effective training for this new age of drone warfare and that matters enormously.
“Safe, repeatable, affordable training is a critical requirement for militaries and counter-drone customers.”
Since the company’s beginnings, it has opened offices in Alabama, US, and Nottingham, UK.
With their products used across “defence, intelligence, and law enforcement domains”, Boresight has a secondary manufacturing hub in the US.
Boresight uses platforms such as a quadrotor and fixed-wing targets to imitate realistic drone threats without risking the loss of valuable equipment.
“The scale of opportunity for Boresight is big. If you think about the number of soldiers around the world who need to be trained in this area, it’s a big number,” Olde said.
Additional funding from the ASX offer is expected to expand production and US manufacturing capabilities.
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